Progressive Digital Media Group PLC Acquisition of Business Assets from Informa plc (0948U)
27 Juillet 2015 - 8:00AM
UK Regulatory
TIDMPRO TIDMINF
RNS Number : 0948U
Progressive Digital Media Group PLC
27 July 2015
27 July 2015
Progressive Digital Media Group Plc ("Progressive" or "the
Group")
Acquisition of Business Information assets from Informa plc
Progressive Digital Media Group plc is pleased to announce its
agreement to acquire the Datamonitor Financial, Datamonitor
Consumer, MarketLine and Verdict businesses from Informa plc
("Informa") for GBP25.0 million in cash. The sale will be effected
by Informa transferring the above named businesses to Verdict
Research Limited, the entire share capital of which will be
acquired by Progressive.
Completion, which is subject to Informa satisfying its statutory
obligations under the Transfer of Undertakings (Protection of
Employment) Regulations 2014 (TUPE), is expected to occur within 30
days and will be funded from the Group's existing cash resources
and banking facilities.
Background to the Acquisition
The acquisition of these businesses supports the Group's
strategy of expanding its premium subscription based services into
global markets. The businesses being acquired complement the
Group's existing Consumer proposition and should provide a platform
for growth over the medium term.
For the financial year ended 31 December 2014, the pro-forma
revenues for the businesses being acquired were approximately
GBP17.8m and adjusted earnings (excluding central overheads) were
circa GBP3.0m.
The Board recognises that some investment in sales, product and
platform infrastructure is required in order to fully integrate the
business; consequently the acquisition is expected to be moderately
dilutive for this financial year and earnings accretive in
2016.
Commenting on the acquisition Simon Pyper, Chief Executive of
Progressive Digital Media, said:
"The acquisition of these businesses will broaden Progressive's
Consumer offering, providing scale and additional categories in an
important industry sector. This acquisition will be our largest to
date, yet of all the companies acquired by Progressive, these
businesses are the ones we are most familiar with.
Whilst some investment will be required this year and next, the
Board is confident that this acquisition will provide a platform
for further growth."
For further information please contact:
Progressive Digital Media Group plc
Simon Pyper
Chief Executive
Tel: 0207 936 6400
N+1 Singer
Nominated Adviser to the Company
James Maxwell / Alex Wright
Tel: 0207 496 3000
Hudson Sandler
Financial and Corporate Communications
Michael Sandler
Tel: 0207 796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
END
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